Living longer on less: Women speak on superannuation and retirement

The gender difference in superannuation balances is well documented, with women retiring on an average superannuation balance of $112,000, compared to $198,000 for men (Keene, 2013). In 2011, it was estimated that a seven-year career break costs women an average of $70,000 in lost retirement savings (AIST, 2011), and a recent analysis showed that even if women were to work full time at average female earnings for 40 years, contributing 15 per cent super, they are likely to outlive their superannuation (Hodgson & Medd, 2013). A financial analysis released in July 2013 concluded that ‘the current superannuation scheme effectively takes the gendered income inequalities that exist during people’s working lives and magnifies them in retirement’ (Cameron, 2013, p. 1).While this financial inequity is well documented, with three broad explanations – women’s interrupted career paths, the greater number of women in part-time work, and the pay gap (WGEA, 2012) – the lived experience of older women as they age and retire is not as well recorded or understood. The issues that follow for older women are likely to include insecurity, anxiety and homelessness. This research set out to test these propositions.